Hamilton Beach Brands (NYSE: HBB) lifts 2026 margin outlook after Q2 jump
Rhea-AI Filing Summary
Hamilton Beach Brands Holding Company reported sharply improved second quarter 2026 results, with revenue up 11.6% to $142.6 million from $127.8 million and gross margin rising to 54.3% from 27.5%. Operating profit increased to $43.2 million, and net income reached $33.7 million, or $2.49 per diluted share.
Performance was boosted by one-time benefits from a February 2026 U.S. Supreme Court ruling on IEEPA tariffs, including $36.5 million of refunds and sell-through of inventory no longer subject to those tariffs; excluding these items, gross margin would have been 26.1%. For the first half, operating cash flow was $61.5 million, and the company ended June 30, 2026 with $101.5 million of cash and a net cash position of $51.5 million compared to net debt a year earlier.
The company repurchased 97,869 Class A shares for $2.0 million and paid $1.7 million in dividends in the quarter. For 2026, management expects revenue growth to approach the mid-single digit range, gross margins to be modestly better than 2025, and operating profit to decline high-single digits while maintaining expected cash flow from operations less investing of $35 million to $45 million.
Positive
- Q2 2026 revenue rose 11.6% to $142.6 million, with operating profit jumping to $43.2 million and diluted EPS to $2.49, supported by higher U.S. Consumer volumes and substantial one-time IEEPA tariff refunds.
- Balance sheet strengthened to a $51.5 million net cash position at June 30, 2026, versus $38.7 million of net debt a year earlier, aided by $61.5 million of operating cash flow in the first half.
Negative
- None.
Filing Explained
The company furnished its unaudited second-quarter results under Item 2.02 rather than filing them for Section 18 purposes; the release is not incorporated by reference elsewhere unless a filing specifically says so.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $142.6 million
Q2 2026 Gross Margin: 54.3%
Q2 2026 Operating Profit: $43.2 million
+4 more
7 metrics
Q2 2026 Revenue
$142.6 million
Increased 11.6% from $127.8 million in the second quarter of 2025
Q2 2026 Gross Margin
54.3%
Up from 27.5% in Q2 2025; excluding IEEPA tariff benefits would have been 26.1%
Q2 2026 Operating Profit
$43.2 million
Increased from $5.9 million in the prior-year quarter
Q2 2026 Net Income
$33.7 million
Up from $4.5 million in Q2 2025
Q2 2026 Diluted EPS
$2.49
Increased from $0.33 in Q2 2025
IEEPA Tariff Refunds
$36.5 million
One-time refunds for tariffs paid over the past year in Q2 2026
Net Cash Position
$51.5 million
Net (cash) debt at June 30, 2026 versus $38.7 million net debt at June 30, 2025
Key Terms
IEEPA tariff refunds, foreign trade zone, accelerated depreciation, net (cash) debt, +1 more
5 terms
IEEPA tariff refunds regulatory
"These benefits consist of refunds received of $36.5 million for tariffs paid"
Refunds under the International Emergency Economic Powers Act (IEEPA) are repayments of import duties, fees, or penalties that were charged because of trade restrictions or sanctions put in place under emergency authority and later reversed, modified, or found inapplicable. For investors, these refunds can change a company’s past cash outflows and future cost structure—similar to getting a billed charge returned after a rule change—affecting reported earnings or cash available for other uses.
foreign trade zone regulatory
"ongoing tariff mitigation actions — including our foreign trade zone, sourcing diversification"
A foreign trade zone is a designated area near a port or airport where imported goods can be stored, processed, or assembled without immediately paying import taxes or going through full customs clearance. For investors it matters because companies that use these zones can lower costs, speed up supply chains, and defer or reduce taxes on inventory, which can improve cash flow and profit margins—think of it as a temporary, tax‑free garage for merchandise until it’s ready to enter the market.
accelerated depreciation financial
"The current year also includes $1.4 million in accelerated depreciation of the Company's legacy ERP system"
A method that lets a business record larger portions of an asset’s cost as expenses in the early years of its life rather than spreading them evenly over time. Like taking bigger slices of a cake up front, it reduces reported profit initially but often lowers taxes and boosts near-term cash flow, which can change investors’ views of profitability, valuation and the timing of returns on capital.
net (cash) debt financial
"Net (cash) debt is defined as total debt minus cash and cash equivalents"
non-GAAP financial measures financial
"Net (cash) debt is a non-GAAP financial measure that management uses"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Revenue: $142.6 million · Guidance included
Second quarter and six months ended June 30, 2026
Revenue
$142.6 million
Up 11.6% from $127.8 million in Q2 2025
Gross margin
54.3%
Up from 27.5%, including one-time IEEPA tariff refunds; excluding these, 26.1%
Operating profit
$43.2 million
Up from $5.9 million in Q2 2025
Diluted EPS
$2.49
Up from $0.33 in Q2 2025
Guidance
For 2026, revenue growth is expected to approach the mid-single digit range; gross margins are expected to be modestly better than 2025; operating profit is expected to decline high-single digits; and cash flow from operating activities less cash used for investing activities is expected to be between $35 million and $45 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Hamilton Beach Brands (HBB) second quarter 2026 revenues?
Hamilton Beach Brands reported Q2 2026 revenue of $142.6 million, an increase of 11.6% from $127.8 million in the second quarter of 2025. Growth was driven mainly by higher volumes in the U.S. Consumer business as retailers resumed purchasing following prior-year inventory adjustments.
How did Hamilton Beach Brands (HBB) profitability change in Q2 2026?
In Q2 2026, Hamilton Beach Brands generated operating profit of $43.2 million and net income of $33.7 million, up from $5.9 million and $4.5 million a year earlier. Diluted EPS rose to $2.49 from $0.33, aided by one-time IEEPA tariff refunds and improved volumes.
What impact did IEEPA tariff refunds have on HBB's Q2 2026 results?
Hamilton Beach Brands received $36.5 million of IEEPA tariff refunds, plus benefits from inventory no longer subject to those tariffs, lifting gross margin to 54.3% from 27.5%. Excluding these non-recurring items, gross margin would have been 26.1%, closer to prior-year levels.
What is Hamilton Beach Brands' (HBB) 2026 financial outlook?
For 2026, Hamilton Beach Brands expects revenue growth to approach the mid-single digit range. Management now forecasts gross margins to be modestly better than 2025 and operating profit to decline high-single digits, while maintaining expected cash flow from operations less investing of $35 million to $45 million.
What is Hamilton Beach Brands' (HBB) cash and net debt position as of June 30, 2026?
As of June 30, 2026, Hamilton Beach Brands held $101.5 million of cash and cash equivalents and total debt of $50.0 million. This resulted in a net cash position of $51.5 million, compared with net debt of $38.7 million at June 30, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________________________________________________________________________________________________________________________________________________________________
FORM 8-K
| CURRENT REPORT | ||
| Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 | ||
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ||||||||||||||
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Item 2.02 Results of Operations and Financial Condition.
On August 5, 2026, Hamilton Beach Brands Holding Company (the “Company”) issued a press release announcing its unaudited financial results for the second quarter ended June 30, 2026. A copy of the Company’s press release is attached hereto as Exhibit 99 and is incorporated herein by reference.
The information set forth in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99, are being furnished by the Company pursuant to Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company’s results of operations.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
As described in Item 2.02 of this Current Report on Form 8-K, the following Exhibit is furnished as part of this Current Report on Form 8-K.
(d) Exhibits | ||||||||
| 99 | Hamilton Beach Brands Holding Company second quarter ended June 30, 2026 earnings release, dated August 5, 2026 | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: | August 5, 2026 | HAMILTON BEACH BRANDS HOLDING COMPANY | |||||||||
By: | /s/ Sally M. Cunningham | ||||||||||
Name: | Sally M. Cunningham | ||||||||||
Title: | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)/(Principal Accounting Officer) | ||||||||||
 |  | ||||||||||||||||
CONTACT:
Brendon Frey
Brendon.frey@icrinc.com
HAMILTON BEACH BRANDS HOLDING COMPANY ANNOUNCES SECOND QUARTER RESULTS
Second Quarter Revenue Increased 11.6% to $142.6 Million
Reiterates 2026 Revenue Outlook, Raises Gross Margin and Operating Profit Outlook
Glen Allen, Virginia - Hamilton Beach Brands Holding Company (NYSE: HBB) (The Company) today announced results for the second quarter of 2026.
Second Quarter 2026 Overview
•Revenue increased 11.6% to $142.6 million compared to $127.8 million
•Gross margin increased significantly to 54.3% compared to 27.5%; 2Q26 gross margin included one-time benefits primarily related to IEEPA tariff refunds
•Operating profit increased significantly to $43.2 million compared to $5.9 million
•Diluted earnings per share was $2.49 compared to $0.33
"We delivered a solid second quarter, with improving underlying performance and gross margins in line with our expectations," said R. Scott Tidey, President and Chief Executive Officer. "Net sales increased low double digits as we recovered volumes lost in the prior year, while our ongoing tariff mitigation actions — including our foreign trade zone, sourcing diversification, and pricing actions — supported healthy gross margins. Our reported results also reflect the benefit from IEEPA tariff refunds of which we plan to reinvest a portion into additional programs to drive increased awareness for our brands and demand for our products. We feel good about our momentum heading into the second half of the year and believe our business is well positioned to deliver continued gains and increased shareholder value over the long-term.”
Results of the Second Quarter 2026 Compared to the Second Quarter 2025
Total revenue increased $14.9 million, or 11.6%, to $142.6 million. The revenue increase was primarily driven by higher volumes in the Company’s U.S. Consumer business reflecting recovery from the second quarter of 2025 when retailers paused buying to assess inventory levels and price increases flowing from the tariffs implemented by the United States in April 2025.
Gross profit was $77.5 million, or 54.3% of total revenue, compared to $35.1 million or 27.5% of total revenue. The margin improvement included one-time benefits related to February 2026 United States Supreme Court ruling on IEEPA tariffs. These benefits consist of refunds received of $36.5 million for tariffs paid over the past year, as well as continued sell-through of inventory no longer subject to those tariffs. These benefits are non-recurring and will not persist beyond the sell-through of the affected inventory. Excluding these benefits, gross profit margin would have been 26.1%.
Selling, general and administrative expenses (SG&A) increased to $34.3 million compared to $29.2 million. The increase was primarily driven by higher incentive related personnel costs, as prior year reflected lower expected performance. The current year also includes $1.4 million in accelerated depreciation of the Company's legacy enterprise resource planning (ERP) system.
Operating profit was $43.2 million compared to $5.9 million.
Income tax expense was $10.9 million compared to $1.6 million in the prior year period.
Net income was $33.7 million, or $2.49 per diluted share, compared to $4.5 million, or $0.33 per diluted share.
Cash Flow and Debt
For the six months ended June 30, 2026, net cash provided by operating activities was $61.5 million, compared to $23.8 million used in operating activities for the same period in 2025. The increase was primarily driven by the aforementioned IEEPA tariff refunds and lower working capital mainly due to reduced inventory levels as the prior year included accelerated purchases ahead of tariff uncertainty and lower sell through. The 2025 period also included higher incentive and tax payments related to the prior year.
For the three months ended June 30, 2026, the Company repurchased 97,869 shares of its Class A common stock at prevailing market prices for an aggregate purchase amount of $2.0 million and paid $1.7 million in dividends.
On June 30, 2026, net cash was $51.5 million compared to net debt of $38.7 million on June 30, 2025. Net (cash) debt is defined as total debt minus cash and cash equivalents and highly liquid short-term investments.
Outlook
Based on first half results, Hamilton Beach is reiterating its outlook for revenue growth to approach mid-single digit range in 2026 inclusive of a partial offset caused by the expiration of the Company’s Bartesian licensing agreement at the end of 2025. Excluding the benefit from IEEPA tariff refunds, our income outlook has improved. Gross margins are now expected to be modestly better than 2025's level versus prior guidance of similar to slightly better. Operating profit is now expected to decline high-single digits on a percentage basis compared to the previous estimate of low-teens inclusive of an incremental $6 million in planned advertising spend in 2026 to support the Company's strategic growth initiatives and approximately $6 million in accelerated depreciation associated with the Company's legacy ERP system. The Company still expects cash flow from operating activities less cash used for investing activities for 2026 to be in the range of $35 million to $45 million.
Conference Call
The Company will conduct an earnings conference call and webcast on Wednesday, August 5, 2026, at 4:30 p.m. Eastern time. The call may be accessed by dialing 833-461-5787 (toll free), International 585-542-9983. Conference ID: 561620015. The conference call will also be webcast live on the Company’s Investor Relations website at www.hamiltonbeachbrands.com. An archive of the webcast will be available on the website.
About Hamilton Beach Brands Holding Company
Hamilton Beach Brands Holding Company is a leading designer, marketer, and distributor of a wide range of brand name small electric household and specialty housewares appliances, and commercial products for restaurants, fast food chains, bars, and hotels, and is a provider of connected devices and software for healthcare management. The Company’s owned consumer brands include Hamilton Beach®, Proctor Silex® and Weston®, as well as premium brands Hamilton Beach Professional® and Lotus®. The Company’s owned commercial brands include Hamilton Beach Commercial® and Proctor Silex Commercial®. The Company licenses the brands for CHI® premium garment care products and CloroxTM home appliances. The Company has multiyear agreements to design, sell, market, and distribute Numilk® plant-based milk makers and Sunkist® commercial juicers and sectionizers. Hamilton Beach Health, which owns HealthBeacon, is expanding the Company's presence in the home health and medical markets through connected medical devices. For more information about Hamilton Beach Brands Holding Company, visit www.hamiltonbeachbrands.com.
Forward-Looking Statements
The statements contained in this news release that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Such risks and uncertainties include, without limitation: (1) uncertain or unfavorable global economic conditions and impacts from tariffs, inflation, rising interest rates, recessions or economic slowdowns; (2) changes in costs, including transportation costs and tariffs, of sourced products; (3) the Company’s ability to source and ship products to meet anticipated demand; (4) changes in or unavailability of quality or cost effective suppliers; (5) the Company’s ability to successfully manage constraints throughout the global transportation supply chain; (6) delays in delivery of sourced products; (7) changes in the sales prices, product mix or levels of consumer purchases of small electric household and specialty housewares appliances; (8) changes in consumer retail and credit markets, including the increasing volume of transactions made through third-party internet sellers; (9) bankruptcy of or loss of major retail customers or suppliers; (10) exchange rate fluctuations, changes in the import tariffs and monetary policies and other changes in the regulatory climate in the countries in which the Company operates or buys and/or sells products; (11) the impact of tariffs on customer purchasing patterns; (12) customer acceptance of price increases or delays in the development of new products; (13) product liability, regulatory actions or other litigation, warranty claims or returns of products; (14) increased competition, including consolidation within the industry; (15) changes in customers’ inventory management strategies; (16) shifts in consumer shopping patterns, gasoline prices, weather conditions, the level of consumer confidence and disposable income as a result of economic conditions, unemployment rates or other events or conditions that may adversely affect the level of customer purchases of the Company’s products; (17) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation; (18) the Company’s ability to identify, acquire or develop, and successfully integrate, new businesses or new product lines; and (19) other risk factors, including those described in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2025. Furthermore, the future impact of unfavorable economic conditions, including inflation, changing interest rates, availability of capital markets and consumer spending rates remains uncertain. In uncertain economic environments, we cannot predict whether or when such circumstances may improve or worsen, or what impact, if any, such circumstances could have on our business, results of operations, cash flows and financial position.
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HAMILTON BEACH BRANDS HOLDING COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| THREE MONTHS ENDED JUNE 30 | SIX MONTHS ENDED JUNE 30 | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands, except per share data) | (In thousands, except per share data) | ||||||||||||||||||||||
| Revenue | $ | 142,632 | $ | 127,770 | $ | 264,595 | $ | 261,142 | |||||||||||||||
| Cost of sales | 65,136 | 92,639 | 150,907 | 193,240 | |||||||||||||||||||
| Gross profit | 77,496 | 35,131 | 113,688 | 67,902 | |||||||||||||||||||
| Selling, general and administrative expenses | 34,290 | 29,183 | 65,514 | 59,641 | |||||||||||||||||||
| Operating profit (loss) | 43,206 | 5,948 | 48,174 | 8,261 | |||||||||||||||||||
| Interest (income) expense, net | (1,264) | 121 | (1,342) | 49 | |||||||||||||||||||
| Other (income) expense, net | (160) | (182) | (66) | (331) | |||||||||||||||||||
| Income (loss) before income taxes | 44,630 | 6,009 | 49,582 | 8,543 | |||||||||||||||||||
| Income tax expense (benefit) | 10,922 | 1,556 | 12,335 | 2,285 | |||||||||||||||||||
| Net income (loss) | $ | 33,708 | $ | 4,453 | $ | 37,247 | $ | 6,258 | |||||||||||||||
| Basic earnings (loss) per share | $ | 2.50 | $ | 0.33 | $ | 2.75 | $ | 0.46 | |||||||||||||||
| Diluted earnings (loss) per share | $ | 2.49 | $ | 0.33 | $ | 2.75 | $ | 0.46 | |||||||||||||||
| Basic weighted average shares outstanding | 13,496 | 13,516 | 13,534 | 13,642 | |||||||||||||||||||
| Diluted weighted average shares outstanding | 13,512 | 13,534 | 13,551 | 13,661 | |||||||||||||||||||
HAMILTON BEACH BRANDS HOLDING COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| JUNE 30 2026 | DECEMBER 31 2025 | JUNE 30 2025 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Assets | |||||||||||||||||
| Current assets | |||||||||||||||||
| Cash and cash equivalents | $ | 101,469 | $ | 47,313 | $ | 11,338 | |||||||||||
| Trade receivables, net | 99,097 | 110,535 | 74,093 | ||||||||||||||
| Inventory | 115,125 | 133,833 | 160,357 | ||||||||||||||
| Prepaid expenses and other current assets | 14,434 | 13,052 | 14,318 | ||||||||||||||
| Total current assets | 330,125 | 304,733 | 260,106 | ||||||||||||||
| Property, plant and equipment, net | 25,534 | 30,253 | 33,464 | ||||||||||||||
| Right-of-use lease assets | 32,557 | 34,614 | 36,956 | ||||||||||||||
| Goodwill | 7,099 | 7,099 | 7,099 | ||||||||||||||
| Deferred income taxes | 3,520 | 3,607 | 7,513 | ||||||||||||||
| Other non-current assets | 12,451 | 17,318 | 18,666 | ||||||||||||||
| Total assets | $ | 411,286 | $ | 397,624 | $ | 363,804 | |||||||||||
| Liabilities and stockholders’ equity | |||||||||||||||||
| Current liabilities | |||||||||||||||||
| Accounts payable | $ | 69,674 | $ | 86,376 | $ | 76,275 | |||||||||||
| Accrued compensation | 8,930 | 13,956 | 7,127 | ||||||||||||||
| Accrued product returns | 7,907 | 7,875 | 7,072 | ||||||||||||||
| Lease liabilities | 5,560 | 5,497 | 5,568 | ||||||||||||||
| Other current liabilities | 13,282 | 9,529 | 9,450 | ||||||||||||||
| Total current liabilities | 105,353 | 123,233 | 105,492 | ||||||||||||||
| Revolving credit agreements | 50,000 | 50,000 | 50,000 | ||||||||||||||
| Lease liabilities, non-current | 34,030 | 36,416 | 38,988 | ||||||||||||||
| Other long-term liabilities | 5,169 | 5,130 | 5,349 | ||||||||||||||
| Total liabilities | 194,552 | 214,779 | 199,829 | ||||||||||||||
| Stockholders’ equity | |||||||||||||||||
Preferred stock, par value $0.01 per share | — | — | — | ||||||||||||||
| Class A Common stock | 121 | 119 | 118 | ||||||||||||||
| Class B Common stock | 36 | 36 | 36 | ||||||||||||||
| Capital in excess of par value | 83,389 | 80,795 | 78,673 | ||||||||||||||
| Treasury stock | (38,376) | (35,213) | (33,549) | ||||||||||||||
| Retained earnings | 177,821 | 143,888 | 126,919 | ||||||||||||||
| Accumulated other comprehensive loss | (6,257) | (6,780) | (8,222) | ||||||||||||||
| Total stockholders’ equity | 216,734 | 182,845 | 163,975 | ||||||||||||||
| Total liabilities and stockholders’ equity | $ | 411,286 | $ | 397,624 | $ | 363,804 | |||||||||||
HAMILTON BEACH BRANDS HOLDING COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| SIX MONTHS ENDED JUNE 30 | |||||||||||
| 2026 | 2025 | ||||||||||
| (In thousands) | |||||||||||
| Operating activities | |||||||||||
| Net income (loss) | $ | 37,247 | $ | 6,258 | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||||||||||
| Depreciation and amortization | 5,406 | 2,518 | |||||||||
| Stock compensation expense | 2,596 | 2,008 | |||||||||
| Other | 395 | (1,294) | |||||||||
| Net changes in operating assets and liabilities: | |||||||||||
| Trade receivables | 11,835 | 44,391 | |||||||||
| Inventory | 18,274 | (33,599) | |||||||||
| Other assets | 6,500 | 10,856 | |||||||||
| Accounts payable | (16,964) | (27,950) | |||||||||
| Other liabilities | (3,746) | (26,961) | |||||||||
| Net cash provided by (used for) operating activities | 61,543 | (23,773) | |||||||||
| Investing activities | |||||||||||
| Expenditures for property, plant and equipment | (895) | (1,466) | |||||||||
| Net cash provided by (used for) investing activities | (895) | (1,466) | |||||||||
| Financing activities | |||||||||||
| Cash dividends paid | (3,314) | (3,202) | |||||||||
| Purchase of treasury stock | (3,163) | (7,347) | |||||||||
| Net cash provided by (used for) financing activities | (6,477) | (10,549) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (15) | 602 | |||||||||
| Cash and cash equivalents | |||||||||||
| Increase (decrease) for the period | 54,156 | (35,186) | |||||||||
| Balance at the beginning of the period | 47,313 | 46,524 | |||||||||
| Balance at the end of the period | $ | 101,469 | $ | 11,338 | |||||||
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures: Net (Cash) Debt
Net (cash) debt is a non-GAAP financial measure that management uses in evaluating financial position. Net (cash) debt is defined as total debt less cash and cash equivalents and highly liquid short-term investments. Management believes net (cash) debt is an important measure of the Company’s financial position due to the amount of cash and cash equivalents on hand. The presentation of this measure is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of this measure may be different from non-GAAP financial measures used by other companies. A reconciliation of this measure to its most directly comparable GAAP measure is provided in the table below:
| JUNE 30 2026 | DECEMBER 31 2025 | JUNE 30 2025 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Total debt | $ | 50.0 | $ | 50.0 | $ | 50.0 | |||||||||||
| Less: cash and cash equivalents | $ | (101.5) | $ | (47.3) | $ | (11.3) | |||||||||||
| Net (cash) debt | $ | (51.5) | $ | 2.7 | $ | 38.7 | |||||||||||